Rate of Turn Indicator Market Overview
Rate of turn indicator is referred to a device which is used to measure the rate a ship is turning. It measures the rate of turn in degrees per minute. The rate of turn device works on the principle of gyroscope. Turn of indicator device points a straight direction when the ship is steering in straight course and the pointer display to zero.
Market Size and Forecast
The global rate of turn indicator market is expected to grow at a robust growth over the forecast period i.e. 2017-2024. The market of rate of turn of indicator is growing on the back of numerous factors such as expansion of marine industry and government regulation for the adoption of rate of turn device by all ships of 50,000 gross tonnages and upwards.
The global market of rate of turn indicator is segmented into product type, scale and region. Further, product type is segmented into analog and digital rate of turn indicator. In addition to this, analog rate of turn indicator accounted the largest market in 2016. This growth of analog rate of indicator is attributed to the mandatory policies taken by government for the usage of compulsion of turn of indicator.
In terms of geography, Asia-Pacific region is anticipated to be the biggest market of rate of indicator by the end of 2024. Moreover, the factors propelling the growth of rate of turn indicator market in Asia-Pacific region includes growing government investment to improve the marine industry and positive GDP figures of the emerging economies such as China and India. Furthermore, Japan and China are the major contributors in the market of rate of turn indicator in Asia-Pacific region due to growing ship building industry.
Europe region captured the second largest market of rate of turn indicator in terms of revenue in 2016. Likely, the major countries contributing in the market of rate of turn indicator in Europe region includes Germany, Greece, Italy, The Netherlands and others. Moreover, rapid urbanization coupled with rising waterborne activities due to growing sea trading is envisioned to foster the growth of Europe region.
North America region projected to grow at a significant pace over the forecast period aided by U.S. Moreover, presence of major key vendor of rate of turn indicator in North America region is believed to foster the growth of rate of turn indicator market.
Our in-depth analysis segmented the global rate of turn indicator market in the following segments:
By Product Type
Global rate of turn indicator market is further classified on the basis of region as follows:
Growth Drivers and Challenges
The factors augmenting the demand for rate of turn indicator globally include rising need to check the turn of the ship, strict norms taken by government regarding installation of rate of indicator and robust expansion of marine industry. Further, increasing ocean trade activities coupled with growing demand for imported goods is supplementing the growth of rate of turn indicator market by the end of 2024.
Furthermore, rapid urbanization along with strict regulation taken by government regarding marine industry devices for better navigation, proper steering position indicator and others are projected to bolster the growth of rate of turn indicator market across the globe. Moreover, technological advancement in rate of turn indicator devices is predicted to propel the growth of rate of turn indicator market.
However, decline in the manufacturing of ships in Europe region is predicted to hamper the growth of rate of indicator market across the globe over the forecast period i.e. 2017-2024.
The major key players for rate of turn indicator are as follows
Scope and Context
Overview of the Parent Market
The global rate of turn indicator market is segmented as follows:
Supply & Demand Risk
Porter’s Five Force Model
Geographical Economic Activity
Key Players (respective SWOT Analysis) and their Strategies and Product Portfolio
Recent Trends and Developments
Industry Growth Drivers and Challenges
Key Information for Players to establish themselves in current dynamic environment
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